How to trick people into thinking you are rich? LOL!AK is catching up with the times. These days, I get plenty of news and perspectives from what I read on Facebook. Of course, there will be things we agree with and things which we don't. However, as Rumpole of the Bailey would say, "I might not agree with what you say but I will defend to the end your right to say it." Well, something to that effect. My memory is a bit patchy.

Recently, I read on Facebook about a young person who aims to be the owner of a $500,000 watch 3 years from now. The person who posted this on Facebook believes that this young man will be able to achieve it and will prove a crowd of disbelievers wrong. I certainly agree that it is important to believe in ourselves, believe that we can make our dreams a reality.

Price tag: $500K.

I admire the fighting spirit that this young man has and he reminds me of someone very dear to me. He worked hard to make lots of money and bought luxury watches, cars, shoes etc. A picture of success but, till today, he still has to work hard for a living. The day he stops working, his income stream will dry up.I quite understand that every person is different but I hope that this young person will meet someone who will impress upon him why he should not buy that $500,000 watch once he is able to afford it. Of course, that said, it is his life and the choice is clearly his.Not many people, fresh out of school, are able to save $500,000 in 3 years. I would assume that for someone to be able to save $500,000 in 3 years, he would have an earned income which is much more than that. That is some pretty amazing earning power.

However, it would be a mistake to spend all that money on a watch if that was all the money he had put aside after three years of work. It would be a mistake to think that nothing could ever put a stop to this amazing earning power."Live within your income and save so that you can invest. Learn what you need to learn... Like Warren, I had a considerable passion to get rich, not because I wanted Ferraris – I wanted the independence."Charlie Munger.

Actually, I didn't know that a $500,000 watch exists! After reading that FB post, I did a search online to see what such a watch might look like. It doesn't look like it is worth $500,000 at all. Well, at least not to me. -.-"

Could be quite safe to wear this in some of the countries you are thinking of. They might think it is just a Casio G-shock. ;p

Hi AK 71,i am surprised that you said you didn't know that a $500,000 watch exists.i hearsay that some very, very rich people even if they want to buy a > $1 million watch they might not able to; because it is by special order only to the watch maker. And the watch maker scrutinize the buyer carefully. Hearsay only, please. i suppose this to ensure the reputation of the watch maker that no "Black money" is involved.

i am surprised that you think i am surprised by you. You are definitely not a what you say you are. You are so savvy with money and investment, just that you are not interested in investing in HR and therefore don't read more about watches.

Reader:I find you to be a person of contradictions. You say you are frugal and yet you bought a car and stay in a condo. I am very confused and wonder if I can trust what you say sometimes.

AK:You are new to my blog. So, you might not know that my blog is meant to entertain. Please. Don't trust what I say. Don't trust what anyone says. ;p

Yes, you are absolutely right. A car and a condo for a home are luxuries in Singapore but I feel a little better when I remind myself that they are actually "free of cost" and that I did not buy them using my earned income. Bad AK! Bad AK!

I cannot imagine working hard at my job to make $500K and spending all of it on a watch. Ouch!

Don't believe there is such a watch? Well, frog in a well AK didn't either. -.-"

Wisdom to tap on.

Disclaimer

The ideas expressed in this blog should not be construed as an enticement to buy or sell the securities, commodities or assets mentioned. The accuracy or completeness of the information provided cannot be guaranteed. Readers should carry out independent verification of information provided. No warranty whatsoever is given and no liability whatsoever is accepted for any loss howsoever arising whether directly or indirectly as a result of actions taken based on ideas and information found in this blog.